Invest
NAB optimistic on jobs market despite another payroll miss
NAB has expressed confidence in the short-term future of the Australian jobs market, despite payroll jobs decreasing by 0.7 of a percentage point in the last fortnight, following a drop of 1.8 per cent in the fortnight prior.
NAB optimistic on jobs market despite another payroll miss
NAB has expressed confidence in the short-term future of the Australian jobs market, despite payroll jobs decreasing by 0.7 of a percentage point in the last fortnight, following a drop of 1.8 per cent in the fortnight prior.
Citing NSW’s reopening roadmap, which suggests large-scale freedoms for the vaccinated once the state reaches the 70 per cent jab target, NAB’s podcast host Phil Dobbie said the contraction in payroll jobs may only have a slight impact on the economy.
“October the 11th is when we hope to hit that 70 per cent target, which Gladys Berejiklian is saying in NSW will mean if you’ve had both jabs, you can go shopping, you can get a haircut, you can eat out,” he said.
“Life is going to go back to normal by then.”
Should this be the case, it is expected that sectors that have remained closed during NSW’s protracted lockdown, such as retail and catering, will see a bumper demand for new staff as the NSW population embraces their freedoms.
Alongside this, it was the performance in other states that gave NAB confidence that the jobs market would rapidly rebound on the easing of restrictions, improving national statistics.
“We think jobs will rebound rapidly as the lockdowns ease,” said Gavin Friend, NAB director, markets strategy.
“They rose by 1.5 per cent in South Australia after rebounding from a late-July lockdown and they are broadly stable in the Northern Territory and Western Australia.”
Despite this optimism, other market commentators have cast doubt on the jobs recovery.
Taking it a step further, on Thursday’s market close podcast, CommSec theorised that a complete “return to normal” market conditions may take some time and that the sustainability of reopening was yet to be seen — all of which impact the recovery in Australia’s job market.
“There is still an expectation that it would still be a difficult couple of months ahead (after easing restrictions) and won’t be a straightforward affair once that is the case as well,” the brokerage stated.
The largest falls in the job numbers were seen in the long-locked-down states of NSW and Victoria, with drops of 1.2 per cent and 0.6 of a percentage point, respectively.
“Payroll jobs in NSW have now fallen by almost 8.5 per cent since the lockdowns began on the 26th June,” said Mr Friend.
Victoria is yet to announce a roadmap out of lockdown similar with NSW.
RELATED ARTICLES
Economy
NSW SES boosts tsunami preparedness ahead of World Tsunami Awareness Day
As World Tsunami Awareness Day approaches on 5 November, the New South Wales State Emergency Service (NSW SES) is ramping up efforts to enhance tsunami preparedness along the east coastRead more
Economy
Lifesaving Regional Response Strengthened with New NSW SES Vehicles
In a significant boost to regional emergency services, the NSW State Emergency Service (SES) has unveiled 11 new Community First Response (CFR) vehicles, designed to enhance the speed and safety of ...Read more
Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more
Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more
Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more
Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more
Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more
Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more
Economy
NSW SES boosts tsunami preparedness ahead of World Tsunami Awareness Day
As World Tsunami Awareness Day approaches on 5 November, the New South Wales State Emergency Service (NSW SES) is ramping up efforts to enhance tsunami preparedness along the east coastRead more
Economy
Lifesaving Regional Response Strengthened with New NSW SES Vehicles
In a significant boost to regional emergency services, the NSW State Emergency Service (SES) has unveiled 11 new Community First Response (CFR) vehicles, designed to enhance the speed and safety of ...Read more
Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more
Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more
Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more
Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more
Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more
Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more
